Former sign of the Vivarte group, San Marina was bought by Laurent Portella, Stéphane Collaert and Thierry Le Guénis in 2019. CHRISTOPHE SIMON / AFP
Placed in receivership since September, the chain could be liquidated on Monday, for lack of buyers.
THE “black februarycontinues for French commerce. Like those of Camaïeu in October, the employees of San Marina would like to believe it. But the sky is getting darker every day for the mid-range shoe brand, which has 163 stores and 680 employees throughout France. The fate of the sign, placed in receivership last September, is suspended on the decision that will be rendered by the Commercial Court of Marseille on Monday morning.
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The unions are already anticipating the worst. “San Marina stores will close permanently on Monday evening», Firmly supports the CGT. The information would have leaked during the last Social and Economic Committee of the company. contacted by Figaro, the management of San Marina denies the union rumor but admits that the judicial liquidation of the chain is more than probable.
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A winning hitch
Former brand of the Vivarte group, San Marina had been acquired by Laurent Portella, Stéphane Collaert and Thierry Le Guénis, three entrepreneurs specializing in fashion and mass distribution, in November 2019. Also shareholders of the Cosmoparis brand, the duo Portella- Collaert was then offered Minelli (260 stores), another shoe put up for sale by Vivarte in June 2021.
With three leading brands in its team, the tandem intended to revive the French footwear sector, already at half mast on the eve of the health crisis. “We can become the leader in women’s leather footwear by Franceclaimed Stéphane Collaert loud and clear in 2019. The ambitious manager then counted on the “establishment of economic synergy», in particular joint negotiations with certain suppliers, to optimize its margins. From a marketing perspective, thepep’s” of San Marina had to be paired with the positioning “accessible and more Parisian luxuryby Minelli.
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Alas, the pandemic decided otherwise. Affected by the administrative closure of its points of sale, San Marina benefited from a loan guaranteed by the State (PGE), other public aid and a shareholder contribution. Enough to partially absorb the loss of cash, but insufficient to put the brand back on track. “Investment and store renovation plans have been slowed down. It is also necessary to manage renegotiations, such as those of shopping centers which will not immediately find the same levels of trafficconfided Stéphane Collaert in January 2021. San Marina’s turnover fell from 110 million euros in 2018 – the year of the sale by Vivarte – to 90 million in 2021.
Another blow for the sector
In the wake of the sign’s placement in receivership, Laurent Portella and Stéphane Collaert had considered staying “minority shareholders within a takeover structure”, before finally backtracking. The defection of amajor player in the footwear sector in Brazil” would have dissuaded the two shareholders from filing an offer, reports The world.
As for the other candidates for the takeover, they are just as cautious. None intends to go further than the recovery of a few stores. The Valège lingerie brand is thus proposing to take over six stores under its banner – a trifle compared to the chain’s 600 points of sale.
If it were to be ratified on Monday, the disappearance of San Marina would be a new blow for the French shoe sector, when we learned last Wednesday that André had been placed in receivership. Small consolation for Laurent Portella and Stéphane Collaert, the sign should not involve Minelli in its fall. Half “city carof San Marina is doing well, provides leadership at the Figaro. Another notable exception in this context of crisis is the good health of the Éram group (Éram, Bocage, TBS, Gémo, etc.), which has a turnover close to one billion and solid growth prospects for 2023.